US-China spat has caused fear in the markets, bringing down global equity markets. Our 3 banks suffered the same faith with institutions taking a Risk Off stance.
But 1 bank stood out recently by breaking out of its down trend stride (line) and trades in sideways range as compared to the other 2 banks which are still within the downtrend channel.
Yes! its OCBC. Reason why? We may not know.
As Richard Wyckoff shared with us about a 100 years ago, we may only truly know the reason of a market move months later.
Thus, if you are bullish about the market or banking sector, OCBC should be the leading bank to consider in view of its trading compared to the other 2 banks.
We are watching OCBC 11.60 closely, a breakout from this level will confirm potential further upside, with 1st target at S$12.00-12.20.
Identifying relatively stronger stocks is never simple, it requires experience, drawing trend lines accurately and defining the basis of strength.
In our Wyckoff trading community, we can determine the relative strength of a stock with less effort, by apply our proprietary Relative Strength indicator to objectively determine the relatively stronger stock in a clear manner.
Join us in our upcoming Wyckoff Method class and be part of our trading community and trade with our proprietary indicators.